Begbies Traynor expands with South Coast acquisition

Professional services firm Begbies Traynor has bought a firm of chartered surveyors servicing clients across the South Coast for £2m.

Daniells Harrison, which employs 27 staff, and operates from offices in Fareham, the Isle of Wight, Bournemouth and Hailsham will integrate with Eddisons, the group’s property advisory and transactional services division.

In its financial year ending 31 March 2021, Daniells Harrison generated revenue of £2.1m (unaudited) and normalised pre-tax profits of £400,000.

The latest acquisition is part of the group’s strategy to scale its businesses both organically and through acquisitions.

The terms of the deal include an initial consideration of £1m made up of £750,000 in cash and through the issue of 186,651 new ordinary shares.

The remaining £1m is payable subject to the firm maintaining financial performance in the four year period post completion.

Ric Traynor, Executive Chairman of Begbies Traynor Group, said: “The acquisition of Daniells Harrison is in line with our strategy to develop our property advisory and transactional services division, by increasing both its scale and market position, as well as the scope of its service offering and geographical coverage.

“Daniells Harrison has excellent relationships with a broad range of clients which have been developed over many years and we are very much looking forward to working with them.”